BULLION OUTLOOK FOR 13-14 OCT 2016

Gold:  Gold trading range for the day is 29484-29862. Gold prices edged down as the dollar rose on expectations that the U.S. Federal Reserve might raise interest rates in December. Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U.S. economy continued to strengthen. The European Central Bank may discuss technical changes to its asset-buying scheme next week but a decision could be deferred until December

Outlook: Technically now Gold is getting support at 29567 and below same could see a test of 29484 level, And resistance is now likely to be seen at 29756, a move above could see prices testing 29862.

	R2	R1	S1		S2	TREND
GOLD	30000	29900	29700		29400	SIDEWAYS

Silver:  Silver trading range for the day is 41590-42380.Silver prices ended with small gains but helped by a mild pullback from the U.S. dollar but remained amid growing expectations for a 2016 rate hike by Fed. Fed minutes meeting, showed the depth of the divide on how much longer they should allow the labour market and inflation to improve before raising rates. Holdings at ishares silver trust gained by 0.24% i.e. 26.57 tonnes to 11232.93 tonnes from 11206.36 tonnes.

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -0.45% to settled at 15749 while prices up 53 rupee, now Silver is getting support at 41820 and below same could see a test of 41590 level, And resistance is now likely to be seen at 42215, a move above could see prices testing 42380.

	R2	R1	S1		S2	TREND
SILVER	42750	42600	42000		41900	SIDEWAYS